No one likes bills. But for the services we use throughout the year, they pile up and significantly eat into our monthly budgets and expenses. From our mortgage, to phone bill, to utility bills to our internet service our list of expenses seems to grow from year to year.
At the end of each year, therefore, it's important to review your expenses and check whether you can reduce the amount you pay in bills and fees. Often laziness prevents us from evaluating exactly what it is we are paying for and whether that cost reflects our needs and the best value for money. From year to year our financial situation and needs change, so make sure what you are paying for does too.
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If you're interested in auditing yourself at the end of 2010 to improve your expenses for 2011, then follow these guidelines.
1. Evaluate your expenses. Before the New Year, take time to evaluate exactly what it is you spent money on in 2010. Dedicate a day to creating an excel document and collating the monthly amount you paid in phone, internet, cable TV, utilities and credit card fees. Looking holistically at your expenses will help you gauge where you are spending the most money and which areas can potentially be cut down in 2011
2. Think about your needs for 2011. Once you've got all of your expenses in front of you, make a list of what you need to continue to spend money on, and what was worth the money you spent in 2010. For example, if you are paying for a high data limit and fast download speed for your broadband internet, consider how much you used the internet at home in 2010 and whether you could opt for a plan that charges less for lower data limits and download speeds. If you're looking to have a cost effective 2011, also consider cutting unnecessary expenses such as Foxtel or cable TV.
3. Compare prices. The most important thing you can do when it comes to improving your expenses is to take the time to compare different prices and deals around. There are a number of online sites that offer comparisons between different service providers, making it an easy and quick way to investigate the best deals around. Use these sites to compare broadband plans, mobile phone plans and credit card fees online to decide whether there is a better deal for you. You may have been using the same credit card company for a while. With a number of new lenders and credit unions around, however, it might be time to change to another financial institution that offers lows rates and fees for a credit card. Compare prices and make changes accordingly.
4. Make the change! Yes, cancelling your bills or contracts with certain providers can be tedious. But taking the time to do so can significantly cut your expenses for 2011. Start the New Year by auditing yourself, taking stock of your expenses, and reducing how much you pay in bills in 2011.
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